I just got back from my tax accountant. All I can say is I got screwed based on the changes. On the same income as 2017 I went from getting a ~$6,000 refund for both state and federal to owing ~$2,000 total. These tax changes are terrible. If lil ole middle class me got nailed you will to. Good luck! I’m not a shill...just telling you like it is.
The loss of the personal exemptions is what hit us. Sure the larger standard deduction helped but we were still 4 grand under withheld for both my wife and me.(...and our agi was 8 grand under what we made last year and we had to pay an extra 800 last year).
I live in Pennsylvania and came no where near the maximum you can deduct for property taxes or mortgage interest. It seems so far I will owe 2k more this year. Last year I got back 2k. I gave most of my tax cut back last year by changing my W-4 a few months after it took effect. I am glad I did that or I would be much worse. I use Turbotax and I am hoping I did something wrong. My son turned 19 so I only get a $500 deduction from the taxes I owe. Last year I got much more savings with the individual deduction from my gross income. I got a feeling most people will do real well, but some people expecting a refund will be shocked when they have to pay a large tax bill.
someof us have paid every year or broke even and never got the refunds you speak of so maybe just be thankful you got any refund before, and now you join the club of many of the rest of us.
The refund isn’t the relevant part. It’s the total paid relative to what you earned.
Way too much missing from your tale...sounds like mismanagement of your deductions to the max to have a $6K refund one year and an $8K swing...there has to be factors where the changes occurred - how about sharing them with the rest of us?
I paid about $400 last year and decided to leave it the same to see what difference there would be (I use my military retirement as a balance to try to keep the refund/pay option under $500 either direction), but ended up taking some retirement account funds in preparation for buying a condo...$2800 of it that had no tax taken out and I ended up owing under $150 this year...tells me I’m about $400 or more to the good with the change if all things remained equal.